21 – GRANT PAYMENT
AID SCHEME FOR INSTALLATION OF ENERGY STORAGE SYSTEMS IN COMBINATION WITH RENEWABLE ENERGY SOURCES
- Grant payments for Part A will be distributed in two (2) installments, as detailed in the accompanying table.
| Payment of grant | ||
| Certified Project | Grant | |
| Advance payment | Signing of the Grant Agreement. | Deposit covering up to 20% of the approved grant, with the deposit of the equivalent bank guarantee. |
| Final payment | After the completion and certification of the physical and financial object and goals of the project. | Approved grant amount minus any previously received advance payment |
- An advance payment does not require submission of expenses but does necessitate a written request by the beneficiary (More details will be provided on the DOSS website).
- The advance payment made to a beneficiary must be substantiated by expenses incurred during the project’s implementation, which should be validated through paid invoices or equivalent accounting documents by the time of the final payment, as stipulated by the Scheme’s terms.
- The final payment will be issued upon completion of the project’s physical and financial components, consistent with the approved investment plan. This payment requires prior verification that all conditions of the Scheme have been met and all necessary documentation has been submitted as outlined in the grant payment request. If the beneficiary opts not to receive an advance payment, the full grant amount may be disbursed in one installment.
- The beneficiary must retain all documents specified in Annex D to ensure adherence to the ‘do no significant harm’ principle throughout the investment’s implementation.
- If the project is not completed within the specified deadline as detailed in point 20, such that it fails to meet the mandatory criteria and conditions, the beneficiary will forfeit its right to receive the Grant (participation in the scheme is not excluded). This includes the obligation to repay any advanced funds, plus interest calculated at the Single Public Interest Rate for Late Payment, as defined by the Laws of 2006 and 2012 and subsequent amendments or decrees by the Cyprus Ministry of Finance.
- Requests to increase the subsidised budget via amendments to the approval decision are not permitted.
- All required documents and evidence for the final payment must be submitted within one month following the completion date of the investment, as specified in the approval letter.
- The payment note issued by the Treasury of the Ministry of Energy Commerce and Industry is considered as proof of completion of the project. Proof of payment shall be recorded in the relevant envelope and shall bear the special stamp.
Τέλος